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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

The following table summarizes stock-based compensation costs for the years ended December 31, 2021, 2020, and 2019.


	Year Ended December 31
Millions of dollars	2021		2020		2019
Stock-based compensation cost	$	214	$	218	$	257
Tax benefit	(32)		(35)		(48)
Stock-based compensation cost, net of tax	$	182	$	183	$	209

The following table represents our stock options activity during 2021.


	Number of Shares (in millions)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021	25.9	$	40.36

Exercised	(0.1)	23.88
Forfeited/expired	(1.6)	41.54
Outstanding at December 31, 2021	24.2	$	40.42	4.6	$	0.5
Exercisable at December 31, 2021	21.3	$	42.53	4.2	$	0.3

The assumptions and resulting fair values of options granted were as follows:


	Year Ended December 31
	2021	2020	2019
Expected term (in years)	0.00	5.39	5.31
Expected volatility	—	33%	31%
Expected dividend yield	—	2.92 - 3.23%	2.25 - 3.88%
Risk-free interest rate	—	1.43 - 1.69%	1.35 - 2.51%
Weighted average grant-date fair value of option	—	$5.41	$5.91

There were no stock options granted for the year ended December 31, 2021.

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2021.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2021	19.0	$	26.32
Granted	9.6	20.94
Vested	(5.4)	30.29
Forfeited	(0.5)	28.32
Nonvested shares at December 31, 2021	22.7	$	23.16

The assumptions and resulting fair values were as follows:


	Year Ended December 31
	2021			2020			2019
Expected volatility	69		%	68		%	34		%
Expected dividend yield	0.84		%	4.89		%	3.06		%
Risk-free interest rate	0.05		%	0.65		%	2.20		%
Weighted average grant-date fair value per share	$	5.01		$	3.18		$	5.22